“As of November 1, 2020, People’s United Insurance Agency will operate as part of AssuredPartners, and will no longer be a subsidiary of People’s United Bank.”
On November 2, 2020, People’s United Bank, a subsidiary of People’s United Financial, Inc., completed its sale of its People’s United Insurance Agency to Assured Partners. The transaction, first announced on September 22, 2020, will see the full-service insurance brokerage transition over to the Assured Partners network. Prior to its sale, People’s United Insurance Services was a Connecticut-based insurance agency serving the Northeast, providing both commercial and personal insurance products as well as employee benefit insurance solutions.
No further terms of the sale were disclosed.
More about People’s United Bank
Founded in 1842, Peoples United Bank is a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with over $39 billion in assets. Focusing in the Northeast, the bank offers both commercial and retail banking, along with wealth management services in over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine.
More about Assured Partners
Founded in 2011, Assured Partners, headquartered in Lake Mary, Florida, was created as an independent insurance agency focused on acquiring and investing in insurance brokerage businesses across both the U.S. and the U.K. With a presence in 24 states, it is ranked as the country’s 11th largest broker of U.S. business with locations in 34 states. In June of 2020, Assured Partners made a foray into the Massachusetts insurance marketplace with its acquisition of WTPhelan. For those interested in reviewing that purchase, plus all of the other agency acquisitions thus far in 2020, please refer to our November 3, 2020 report, “Insurance Agency Mergers & Acquisitions In Massachusetts | Q3-2020.”